Polkadot-1 Well to be Abandoned

Woodside reports that the Polkadot-1 exploration well located offshore Australia is being plugged and abandoned. It is anticipated that the rig will be released this week.

The Polkadot-1 well appraised the Hyland Bay Formation down dip of the Penguin-1 gas discovery. A 4 meter gross gas-bearing interval was intersected and sampled by wireline tools only.

The well was deepened to evaluate exploration targets in the Keyling Formation and intersected two gas-bearing intervals.

Since the last report, the larger gas-bearing interval within the Keyling Formation was perforated over 19 meters and production tested. The tested interval did not flow hydrocarbons to surface and the results are being evaluated.

Woodside is the operator and holds a 50% interest in WA-313-P is 50%. The other participant is Eni Australia B.V. (50%).